Beware! Mega Pay Trade is an offshore broker! Your investment may be at risk.


Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.


Mega Pay Trade introduces itself to us as a forex and CFD broker that will open the gateway to successful financial trading. But under no circumstances should you trust these assurances. Mega Pay Trade is actually a fairly typical online scam and should be avoided. In this review we will show you how to distinguish trustworthy brokers from scams like Mega Pay Trade.

Mega Pay Trade Regulation and safety of funds

Guaranteed FundsSegregated AccountsNegative balance protection
Mega Pay Trade
UK regulated brokers£85 000YesYes
EU regulated brokers€20 000YesYes
AU regulated brokersNoYesYes
US regulted brokersYesYesNo

The most important information about a financial services provider is its regulatory status. Licensed brokers provide detailed information about which company runs them, where it is based, which jurisdictions it is authorised in and which regulatory bodies oversee its activities.

Mega Pay Trade does not disclose which company is behind this website. Even the text of the Terms and Conditions does not mention the name of the legal entity.

Mega Pay Trade lists addresses for the contact in the United States and the United Kingdom.

But the Terms and Conditions refer to the law of an offshore jurisdiction, the Seychelles.

A check of the records of the relevant financial regulators shows that there is no licensed broker in any of the three jurisdictions using Mega Pay Trade’s trade name and domain. Moreover, the British financial authorities have issued an express warning to investors that this website is not a legitimate financial services provider.

If you want to trade on financial markets without being scammed, you can turn to some of the legitimate brokers that actually operate from established financial hubs like the UK. These brokers have to meet stringent requirements for financial stability and transparency of operations imposed by the Financial Conduct Authority (FCA). They must provide clients with negative balance protection and to participate in a guarantee fund that covers up to GBP 85,000 of a client’s investment should the broker go into insolvency. These brokers are also required to keep their clients’ money segregated from their own operating funds in separate bank accounts.

Mega Pay Trade Trading software

Analytical toolsAuto tradingCustom indicatorsMobile apps
Mega Pay Trade platform
MT430+ indicatorsAndroid and iOS
MT550+ indicatorsAndroid and iOS
cTrader40+ indicatorsAndroid and iOS

After registering an account we get access to a supposed web trading platform. But this is not a real functioning trading software, but an imitation.

But even if Mega Pay Trade had a more convincing platform, that would not make this website credible. Fake brokers use rigged trading software to mislead their victims that their money is really being invested. But this trade is entirely sham.

Legitimate brokers offer clients a wide selection of trading software, including desktop, mobile apps and web-based platforms. The most widely used platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

Mega Pay Trade Trading instruments

Mega Pay Trade
FP MarketsYesYesYesYesYes

The website advertises trading forex, commodities and cryptocurrencies, but the fake trading platform only includes stocks, indices and cryptocurrencies. Importantly, this anonymous website does not offer real trading.

Mega Pay Trade Spreads and cost of trading

Mega Pay TradeXMFP MarketsOcta
Spread EURUSD3.
Spread GBPUSD3.31.31.5x
Spread USDJPY3.31.31.5x

Mega Pay Trade advertises a spread of 3.3 pips, which is double the industry average.

Mega Pay Trade Maximum leverage

Mega Pay Trade5000:1100:110:1100:1100:1
UK regulated brokers30:15:110:110:1
EU regulated brokers30:15:12:110:110:1
AU regulated brokers30:15:12:110:110:1
US regulated brokers50:1

According to the descriptions of the different account types, Mega Pay Trade offers very high leverage up to 1:5000. This is also evidence that this cannot be a broker operating legitimately in the UK or US.

High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders. The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets. The same rules currently apply to Australia. In the US, the maximum limit is slightly higher at 1:50.

Another such piece of evidence is the claim that Mega Pay Trade offers bonuses. Regulated brokers are prohibited from offering bonuses and promotions. Scammers often use promises of supposedly generous bonuses to tie their potential victims to extortionate terms. Mega Pay Trade does not provide clear information about the conditions attached to bonuses.

If you are nevertheless willing to take the risk of high-leverage trading and want to take advantage of bonuses, promotions and prize games, the best option is to use the services of offshore brokers operating under an established brand.

Mega Pay Trade Deposit and withdrawal methods

Deposit timeWithdrawal timePrice
Crypto24 hours24 hoursFee depends on crypto

Mega Pay Trade only allows the deposit of funds with cryptocurrencies.

This is typical of financial scammers. Cryptocurrencies are their payment method of choice because on the one hand they allow the scammer a degree of anonymity, and on the other hand they do not allow the scammed to ask for a refund.

If you’re interested in legitimate brokers that accept digital currency payments alongside conventional methods, check out this list.

Mega Pay Trade Minimum deposit

Mega Pay TradeXMFP MarketsOcta
Minimum deposit$500$5$100$100

The minimum deposit stated on the website is 500 USD. For a significantly lower amount you could become a client of some of the leading global brands.

Mega Pay Trade Withdrawal requirements

Trading volumeFee/Tax on withdrawalMinimum withdrawal
Mega Pay TradeNot specifiedNot specifiedNot specified
UK regulated brokersNoNoNo
EU regulated brokersNoNoNo
AU regulated brokersNoNoNo
US regulated brokersNoNoNo

Mega Pay Trade does not specify extraordinary conditions for withdrawal. But these types of scams always surprise you with hidden fees and other tricks that prevent you from withdrawing your money back.

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
US4.99/5$50 Click for a special offerWebsite

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